Economic activity had sunk 5% in the second quarter of 2023 compared to the same period in 2022.
Economic activity contracted 0.8% in the third quarter of 2023 compared to the same period in 2022, as reported this Friday by the National Institute of Statistics and Censuses (INDEC). In this way, it strongly slowed the decline in the second quarter that had marked a 5% decline.
Meanwhile, the Gross Domestic Product (GDP) between January and September it accumulated a decline of 1.6% compared to the same period last year.
The sector of agriculture was the most affected with a drop of 7.6%, followed by manufacturing industry and private homes with domestic services which gave up 3.7%. On the other hand, the most important increases were recorded Hotels and restaurants (+7.2%), exploitation of mines and quarries (+5.9%) and fishing (+2.9%).
Gross fixed capital formation, according to preliminary estimates, experienced an increase of 0.8% in the third quarter of 2023 compared to the same period of the previous year.
This growth was explained by the 3% drop in investment in construction, which was offset by the 15% increase in “other construction” related to oil exploration and exploitation, the 2.1% decrease in machinery and equipment and the 21.2% growth % in transportation equipment.
Within machinery and equipment, The national component decreased by 6.4% and the imported component grew by 0.9%. In transportation equipment, the national component increased 24.7% and the imported component had an increase of 7.1%
Source: Ambito
